EXPENSIVE WEDDINGS ARE THE NEW CADILLAC
Disclaimer: Good Day, Readers. WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.
Long-Term Consequences of Going Into Debt to Impress
As a child, I was amazed by the sight of my Southern relatives from New York arriving in town in gleaming new cars, often in the form of a shiny, YUGE Cadillac. Over time, I discovered that most—if not all—of these cars were rentals. There are several reasons why someone might choose an expensive rental:
- Space, Comfort, and Reliability: They needed a vehicle that offered ample size, comfort, and reliability for long journeys and the reliability essential for road trips.
- Creating an Impressive Image: They desired to project the image of success to their relatives in our small town, showing they had truly “made it” in the big city.
- Racism: During my upbringing, many Southern Black families would invest in the most reliable car they could afford, as they faced significant challenges when it came to travel. With limited options for accommodations—often barred from “whites only” hotels and restaurants—they required reliable and comfortable vehicles to navigate through towns where they might not feel welcome, particularly in regions known for their racist sentiments, like “Klansville, USA.”
From the family gossip I overheard, it seemed most of my relatives leaned toward believing that creating an impressive image was the driving force behind their choice of vehicle.
Are Today’s Boujee Weddings the New Cadillac?
Like many men, I can’t stand—okay, I’ll say it—I HATE attending weddings. As an introvert who can’t dance to save my life (thanks to my missing black man’s DNA), I much prefer a great book!
I can’t help but notice the outrageous spending on weddings, often from couples who don’t have the financial means to support their extravagant choices. One couple dropped a jaw-dropping $100,000 on their big day, and less than a year later, they’re filing for divorce while still carrying a debt of over $50,000,00! What the fruitcake! Imagine explaining that debt to the next love of your life (or a few months).
Then, another couple’s wedding bill surpassed $300,000.00. I heard they had to administer the last rites to the bride’s father during the celebration. The Godfather, Don Corleone, did not spend that much on his daughter’s wedding.
Darling, you spent more on your wedding than 99% of Americans put down as a down payment on a home. This reflects a troubling trend: a profound lack of economic and financial literacy.
The Long-Term Consequences of Overspending to Impress
With platforms like TikTok and Instagram fueling our desires for a glamorous lifestyle, the pressure to indulge in lavish spending can be overwhelming—especially for easily swayed people. Many people scramble to whip out their credit cards to project a fantasy image, from flashy cars to opulent weddings. While these lavish expenditures may deliver a momentary thrill and offer spectacular photo ops, the long-term repercussions are damaging.
1. Debt Accumulation
Like our federal government, you are building up expensive debt. Many people charge their purchases, enticing themselves with the lure of a luxurious lifestyle without considering the financial repercussions. Loans and credit card debts can quickly spiral out of control, leading to a cycle of repayment that drains savings. This burden hinders your ability to invest in more value-added experiences, such as education, homeownership, and retirement – before you drop dead!
2. Stress and Anxiety
The constant worry about finances leads to stress and anxiety.
3. Poor Financial Habits
When the focus shifts to impressing others, sound financial habits and common sense are abandoned. Many people today neglect budgeting, saving, and investing in favor of immediate gratification. Impressing others who frankly do not give a damn means you are ill-equipped to handle financial emergencies or EVER retire. I know not one person who correctly saved for retirement who wants to return to working 12-hour days for a boss whose proud nickname is SOB.
4. Lost Opportunities for Wealth
Investing in education or starting a business can lead to personal growth and fulfillment. When money is instead directed towards showcasing wealth, individuals miss out on meaningful opportunities that could enrich their lives.
Conclusion
I’m not going to calculate how much these couples could have in their savings, education, home down payment, and retirement accounts if they had spent a reasonable amount on their special day. At least that Tesla Model X gets you years of impressing someone while making a $2,000.00 monthly payment for seven years.
Remember my northern family members who were trying to impress people? We were thrilled to see them and would have picked them up from a bus station (and often did).
Ok—I’m a numbers nerd. Assuming the second couple had ONLY spent half of their $300,000.99 on their magic day at the end of 30 years if they saved the remaining $150,000.00 (assuming 10% annual returns), they would have about $3 MILLION. EASY CHOICE FOR ME!
You NEVER have to impress people who genuinely care about you.
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St Jude Hospital: The mission of St. Jude Children’s Research Hospital is to advance cures and means of prevention for pediatric catastrophic diseases through research and treatment. Consistent with the vision of our founder Danny Thomas, no child is denied treatment based on race, religion, or a family’s ability to pay.https://www.stjude.org/
Wounded Warrior Project: An American charity and veterans service organization that offers a variety of programs, services and events for wounded veterans of the military https://www.woundedwarriorproject.org
Folds of Honor: Providing life-changing scholarships to the spouses and children of America’s fallen or disabled military. And now, our mission expands to the families of America’s first responders. On our watch, those who protect our freedoms and our families will know they are not forgotten. https://foldsofhonor.org
Wilson’s No-Kill Animal Shelter: A N0-Kill shelter that is a top-rated non-profit. They compassionately care for all their animals. https://wilsoncountynokillanimalshelter.mywcn.com/
Tunnel To Towers: Since 9/11, we have been helping America’s heroes by providing mortgage-free homes to Gold Star and fallen first responder families with young children and by building specially adapted smart homes for catastrophically injured veterans and first responders. We are also committed to eradicating veteran homelessness and helping America to Never Forget September 11, 2001. https://dogood.t2t.org/give/320847/#!/donation/checkout
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ABOUT ME
I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an NC. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.
I left a corporate career because I desired to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in my family and professional life. It is my time to serve and give back.
DISCLAIMER
I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, and real estate and am happy to share my finance and investment lessons. I am NOT a licensed financial advisor. Please do not construe my suggestions on this blog as recommendations for your situation. As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss.
Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.
I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy. I will help you get there.
